New York taxi drivers protest to demand forgiveness of part of the debt
New York City taxi drivers protested Thursday by blocking traffic near City Hall and the offices of three license lenders to demand the forgiveness of part of their license debt (medallions).
The already beleaguered taxi industry has collapsed during the coronavirus pandemic, with 75 percent of New York taxi drivers out of work, as reported by the city’s Taxi and Limousine Commission.
Thursday’s protest, which began at 10 a.m. in front of City Hall, was led by members of the New York Taxi Workers Alliance who are mired in thousands of dollars in overvalued loan debt.
Taxi drivers collectively owe $ 132 million to various banks, the alliance said, including: Medallion Financial, Aspire and NY Commercial Bank.
“Someone told me my locket is worth 50,000 or 75,000, I owe $ 436,000,” said Jean Tannis of Brooklyn, 69, who has owned a taxi locket since 1987.
With no end in sight from the devastating economic impact of the pandemic, and transportation companies with Uber and Lyft, it is impossible to afford the $ 2,300 monthly loan payment, Tannis said.
“I want to go back to work, but with the pandemic, when we go to JFK airport, we spend five, six hours waiting and we bill at most $ 75 for the whole day.”
Tannis told The Post you see two possible ways out: some kind of debt forgiveness by the City Council and your lender, or bankruptcy.
“Even if I drive until I die, I will never be able to repay this loan,” he said.
“If the city can help us, if they reduce the loans and leave us like 100,000, even 150,000, we can try to repay the loan, otherwise it is impossible to meet the debts.”
More news on the dramatic New York taxi situation
New York taxi drivers protest to demand forgiveness of part of the debt
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